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Samsung needs all-new leadership, admits Kwon Oh-hyun

Samsung CEO Kwon Oh-hyun has announced that he will leave the company at the end of its current financial year in March, citing what he described as an 'unprecedented crisis' in a letter to staff.

That crisis is believed to be related to the ongoing bribery scandal surrounding Samsung, which recently saw the arrest of the company's heir and vice chairman Lee Jae-yong (also known as Jay Y Lee).

Lee was arrested over allegations of inappropriate payments to South Korea's former president Park Geun-hye, via front companies connected to the disgraced politician, whose residence is currently Seoul Detention Center.

The Telegraph reports that 32-year Samsung veteran Kwon Oh-hyun announced his departure in a letter to staff.

"As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT industry," he wrote.

"It is something I had been thinking long and hard about for quite some time. It has not been an easy decision, but I feel I can no longer put it off."

However, Samsung's legitimate business would appear to be ticking over nicely, with the company revealing its financial forecasts for the rest of the year. Sales are expected to weigh-in at around 63 trillion Korean won, while operating profit is forecast to be about 14.6 trillion Korean won.